The Playboy founder will have his name immortalized on a boulder between Cahuenga Park and Mt. Lee.

Hefner, philanthropist Aileen Getty and the Tiffany & Co. foundation each donated $1 million to help the trust acquire Cahuenga Peak from its Chicago owners, who had planned to sell the land for $11.7 million, the LA Times reports. Their eleventh hour donations allowed the trust to meet its April 2010 deadline set by the owners.

While the 138-acre mountain is located next to the famous landmark, local speculation included worries that the land would be turned into a tourist destination, potentially destroying the sign. Los Angeles City Councilman Tom LaBonge had enlisted the trust’s help after learning that the former owners, who purchased the land in 2002 for $1.7 million, intended to build five estates on the peak.

Hefner and Getty will have plaques placed on large boulders along the trail between Cahuenga Peak and Mt. Lee in their honor, while the Tiffany & Co. Foundation will receive a bench in their name on the trail between Griffith Observatory and Mt. Hollywood.